The Spanish Government authorizes the sale of ITP Aero to the Bain Capital fund for 1.7 billion euros

Euskaraz irakurri: Espainiako Gobernuak baimena eman gave Bain Capital funtsari ITP Aero 1,700 milioiren truke erosteko

The Spanish Government has approved the sale of 100% of ITP Aero by the British multinational rolls royce to a consortium led by the US fund Bain Capitaland also composed of Sapa Placencia and JB Capitalfor 1700 million euros.

The Basque government has reiterated, after knowing the authorization of the sale, that it will continue working on its initial objective of “being” in the capital and having representation on the company’s board of directors. For this, he maintains his commitment to achieve a “good agreement” of shareholders in which he feels “comfortable”.

As confirmed by Defense sources, the Council of Ministers authorized the operation on Monday, which was an essential procedure for it to be carried out as it is a strategic company.

The agreement for sale ITP Aerobased in Zamudio (Bizkaia), the consortium led by Bain Capital was closed last September 27thjust when the term that had been given with the Spanish and Basque governments to reach the purchase agreement expired, and was waiting to receive the pertinent authorizations.

With the signing of the agreement, the US fund undertook to maintain the industrial capacities and assets associated with State security in Spanish territory, in addition to maintaining the decision-making center, the industrial capacity, the technological capacity and the registered office and tax of ITP in Euskadi.

After the closing of this operation, ITP Aero will be an independent company directed by the current managing director, Carlos Alzola, based in Zamudio, as reported by Rolls-Royce at the time.